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.............................................................................................................................DescriptionThe Special Economic Zones (SEZ) scheme is currently being widely debated in various forums and continues to attract media attention on almost daily basis. Despite the controversies surrounding certain facets of the scheme, there can be no doubt that the scheme is a vital component of India's strategy for all round economic development in view of its focus on export promotion, investment, employment and infrastructure development. The legal and procedural framework for SEZs, their developers and exporting units is contained in the Special Economic Zones Act, 2005 and the rules issued under its mandate. This is a self-contained legislation that extends various fiscal and other incentives to facilitate the efforts of the developers of SEZs and the exporting units.This publication details all legal provisions and procedures that apply to developers and exporters functioning in SEZs. It contains all relevant statutes, circulars, notifications, forms, etc. that regulate the entire range of activities in a SEZ including its approval, eligibility, duty free import/ procurement, DTA sale, export, legal obligations, etc.This publication is updated with amendments to the Special Economic Zones Act, 2005 and the Special Economic Zones Rules, 2006 and the recently announced Annual Supplement 2008 to the Foreign Trade Policy, 2004-2009 and Finance Bill, 2008..............................................................................................................................ContentsChapter 1. Introduction to SEZ SchemeChapter 2. Legal and Administrative FrameworkChapter 3. Establishment of SEZsChapter 4. Approval of SEZ UnitsChapter 5. Bond Cum Legal UndertakingChapter 6. Performance ReviewChapter 7. Duty Free ImportChapter 8. Indigenous Procurement of Goods and ServicesChapter 9. Sub-ContractingChapter 10. DTA ClearancesChapter 11. ExportsChapter 12. Income Tax and Other Benefits.Chapter 13. Exit of SEZ UnitsAppendix A - Export PerformanceAppendix B - Notified Special Economic ZonesAppendix C - Formal and Informal Approvals GrantedAppendix D - Statutory ProvisionsAppendix E - NotificationsAppendix F - Approval Committees for SEZsAppendix G - Circulars and InstructionsAppendix H - FormsAppendix I - Model SEZ ActAppendix J - State SEZ Acts.............................................................................................................................Author DetailsS.M. Bhatnagar is a 1984 batch officer of the Indian Revenue Service (Customs and Central Excise). He gained practical experience in all key areas of Customs and Central Excise work during his stints in various Commissionerates and Directorates under the Central Board of Excise & Customs(C.B.E.C.). As Under Secretary and subsequently as Director in the C.B.E.C., Ministry of Finance he was concerned with policy formulation and implementation of the schemes relating to Export Oriented Units and Special Economic Zones. After a stint at the Consulate General of India, New York he is presently working as Commissioner of Customs, Chennai.S.M. Bhatnagar has been a Member of the Working Group on Central Excise Act and Procedures, of the Special Task Force on Modvat Frauds, of the Working Group on Central Excise Re-engineering Projects, of the Project Advisory Group for Customs Re-engineering Project, arid of the Project Steering Committee for Central Excise Projects under CIDA. He was also the Member-Secretary of the Task Force on Indirect Taxes (Kelkar Committee). He is a recipient of the Presidential Award for Specially Distinguished Record of Service..............................................................................................................................
